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The asset-liability approach for recording deferred income taxes is an integral part of generally accepted accounting principles.
a. Indicate whether each of the following independent situations should be treated as a temporary difference or as a permanent difference and explain why.
1. Estimated warranty costs (covering a 3-year warranty) are expensed for financial reporting purposes at the time of sale but deducted for income tax purposes when paid.
2. Depreciation for book and income tax purposes differs because of different bases of carrying the related property, which was acquired in a trade-in. The different bases are a result of different rules used for book and tax purposes to compute the basis of property acquired in a trade-in.
Which of the following is an example of a variable cost?
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
What are advantages of public firms reporting to investors using an accrual and not a cash approach? What are the disadvantages?
Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.
Coyote owns 5% of Roadrunner Corporation’s stock. How much is Coyote Corporation’s taxable income (loss) for the year?
Explain generally accepted accounting principles applied to the health care industry and how they are applied to your Operating Budget Projection.
Make notes on the following two items to help your manager to understand their meaning: The balanced scorecard and its perspectives on performance
Calculate the total drill and blast cost based on the blasting costs
Explain three issues or problems which a company could face when trying to find out the actual cost of the good or service which is to be used in the cost of goods sold.
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000.
Write a strategy on how GM should operate its financial aspect of the company to improve sales.
Making decision for discontinue production of subassemblies and purchase from an outside supplier.
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